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Buy-now-pay-later fintech offering installment loans to consumers at checkout with merchant partners.
Buy-now-pay-later fintech offering installment loans to consumers at checkout with merchant partners.
Earns interest on installment loans, fees paid by merchants who want shoppers to finance purchases, and card fees on the Affirm Card; it funds loans through bank partners, investor purchase agreements and securitizations (loans bundled and sold as bonds). Large merchant and platform partners such as Shopify and Amazon drive volume.
Moat: narrow (data, distribution, switching costs). Underwriting data and embedded merchant integrations create switching friction versus rivals.
Headquarters: San Francisco, California, US · Founded: 2012 · Employees: 2,358
Size Affirm (AFRM) is a United States Financials company (Finance/Rental/Leasing) with a market value of $23.1B, the 447th largest of 3,117 United States companies the cockpit tracks. Shares closed at $68.11 on 6 Nov 2026.
Performance Over six months the shares gained 6.4%, against -1.6% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 32.4% over the last twelve months (peer median +11.7%); the operating margin is 22.1% (peer median 26.2%).
Valuation It trades at 4.19× book value against a peer median of 1.65× (3rd most expensive of 21).
Price implies The share price implies a return on equity of about 73.6%; Affirm delivers 45.1%, so the price asks more than the business earns today.
Credit Affirm has 2 bonds outstanding ($1.14B).
Short interest Short interest is 5.8% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $3.95B | $3.95B | $2.98B | $2.14B | $1.45B |
| Revenue growth | — | +32% | +39% | +48% | — |
| Gross profit | $3.03B | $3.03B | $2.30B | $1.63B | $1.06B |
| EBITDA | $1.97B | $1.97B | $1.18B | $373M | -$458M |
| Net income | $1.93B | $1.93B | $52.2M | -$518M | -$985M |
| Free cash flow | $994M | $994M | $602M | $291M | -$274M |
| Capital expenditure | $238M | $238M | $192M | $159M | $121M |
| Total debt | $9.82B | $9.82B | $7.64B | $6.45B | $5.40B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Affirm AFRM | $23.1B | +6% | +32% | 45% | 4.19× | 73.6% |
| Klarna KLAR | $5.13B | -6% | +34% | -6% | 2.11× | 24.0% |
| Block XYZ | $51.7B | +14% | +7% | 2% | 2.26× | 36.3% |
| PayPal PYPL | $49.2B | +31% | +5% | 24% | 2.54× | 24.8% |
| Sezzle SEZL | $5.05B | +146% | +43% | 89% | 21.59× | 367.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AFRM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.7% | +2.5% | 2nd lowest of 21 |
| 6-month return | +6.4% | -1.6% | 7th highest of 21 |
| Return on equity | 45.1% | 14.0% | 2nd highest of 21 |
| Price / book | 4.19× | 1.65× | 3rd most expensive of 21 |
| Trailing P/E | 12.3× | 11.7× | 11th cheapest of 21 |
| ROE the price implies | 73.6% | 15.9% | most demanding of 21 |
| ROE delivered | 45.1% | 13.9% | 2nd highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Affirm AFRM | United States | $23.1B | +6% | +32% | 45% | 4.19× | 73.6% | 45.1% |
| Synchrony Financial SYF | United States | $23.0B | +1% | -2% | 20% | 1.55× | 16.7% | 19.8% |
| Shriram Finance SHRIRAMFIN.NS | India | $23.9B | -5% | +10% | 15% | 2.03× | 27.6% | 14.7% |
| SOFI SOFI | United States | $21.0B | +3% | +38% | 7% | 1.86× | 27.5% | 7.4% |
| Global Payments GPN | United States | $25.8B | +41% | +7% | 2% | 1.12× | 9.8% | 2.2% |
| AerCap AER | United States | $26.2B | +13% | 0% | 17% | 1.38× | 12.4% | 17.0% |
| Kaspi.kz Joint Stock Company Sponsored ADR RegS KSPI | United States | $17.7B | +7% | +39% | 45% | 3.15× | 13.6% | 45.4% |
| Cholamandalam Investment and Finance CHOLAFIN.NS | India | $16.2B | +6% | +21% | 21% | 4.43× | 67.7% | 20.6% |
| Tata Capital TATACAP.NS | India | $16.0B | +10% | +18% | 14% | 3.08× | 41.2% | 14.0% |
| Orix 8591.T | Japan | $35.7B | +2% | +17% | 14% | 1.26× | 12.4% | 13.9% |
| Rocket Companies RKT | United States | $42.7B | -4% | +88% | 8% | 1.76× | 26.3% | 7.9% |
| One 97 Communications PAYTM.NS | India | $12.2B | +50% | +24% | 5% | 6.92× | 47.0% | 5.4% |
| Muthoot Finance MUTHOOTFIN.NS | India | $12.2B | -20% | +47% | 32% | 2.62× | 32.0% | 31.8% |
| Mitsubishi HC Capital 8593.T | Japan | $11.9B | -9% | +1% | 7% | 0.93× | 5.9% | 7.2% |
| Power Finance PFC.NS | India | $11.5B | -28% | +4% | 21% | 0.76× | 14.4% | n/a |
| Ally Financial ALLY | United States | $11.5B | -14% | +5% | 10% | 0.88× | 9.8% | 9.9% |
| Indian Railway Finance IRFC.NS | India | $11.1B | -25% | +13% | 13% | 1.74× | 28.2% | 12.6% |
| Ayvens AYV.PA | France | $8.45B | -16% | 0% | 9% | 0.68× | 8.0% | 9.2% |
| REC RECLTD.NS | India | $8.27B | -18% | -3% | 17% | 0.83× | 15.1% | 17.0% |
| FirstCash FCFS | United States | $7.96B | -18% | +23% | 18% | 3.50× | 19.9% | 18.2% |
| Tokyo Century 8439.T | Japan | $7.50B | +12% | +8% | 12% | 1.01× | 7.7% | 11.6% |
Affirm has 2 bonds outstanding with $1.14B face value.